NPORT-EX 2 PEMEF.htm PART F
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
39111-Q3PH
1
Schedule
of
Investments
(unaudited)
Putnam
Emerging
Markets
Equity
Fund
2
Notes
to
Schedule
of
Investments
6
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Putnam
Emerging
Markets
Equity
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
91.0%
Aerospace
&
Defense
0.5%
Mazagon
Dock
Shipbuilders
Ltd.
........................
India
49,516
$
2,013,228
Automobiles
4.1%
BYD
Co.
Ltd.
,
H
....................................
China
140,000
6,957,725
Kia
Corp.
.........................................
South
Korea
55,520
3,590,640
Mahindra
&
Mahindra
Ltd.
.............................
India
209,844
7,308,619
17,856,984
Banks
18.8%
Abu
Dhabi
Islamic
Bank
PJSC
.........................
United
Arab
Emirates
2,264,994
11,823,593
Al
Rajhi
Bank
......................................
Saudi
Arabia
422,284
10,242,974
Banco
do
Brasil
SA
..................................
Brazil
285,000
1,167,008
Bank
Central
Asia
Tbk.
PT
............................
Indonesia
12,092,400
6,976,015
Bank
of
China
Ltd.
,
H
................................
China
22,519,000
13,047,661
CTBC
Financial
Holding
Co.
Ltd.
........................
Taiwan
3,511,000
4,739,572
Grupo
Financiero
Banorte
SAB
de
CV
,
O
..................
Mexico
744,243
6,579,084
a
Grupo
Financiero
Galicia
SA
,
ADR
......................
Argentina
22,345
1,297,127
ICICI
Bank
Ltd.
.....................................
India
1,053,694
17,872,253
KB
Financial
Group,
Inc.
..............................
South
Korea
37,957
2,856,032
National
Bank
of
Greece
SA
...........................
Greece
478,828
5,701,679
82,302,998
Broadline
Retail
4.1%
Alibaba
Group
Holding
Ltd.
............................
China
790,700
11,257,838
Alibaba
Group
Holding
Ltd.
,
ADR
.......................
China
14,634
1,665,934
a
MercadoLibre,
Inc.
..................................
Brazil
1,933
4,954,839
17,878,611
Capital
Markets
1.1%
b
HDFC
Asset
Management
Co.
Ltd.
,
144A
,
Reg
S
...........
India
86,786
4,855,463
Communications
Equipment
1.1%
Accton
Technology
Corp.
..............................
Taiwan
201,000
4,904,733
Construction
&
Engineering
1.0%
Gamuda
Bhd.
......................................
Malaysia
4,215,100
4,525,722
Construction
Materials
1.0%
UltraTech
Cement
Ltd.
...............................
India
32,403
4,251,001
Consumer
Finance
0.4%
Bajaj
Finance
Ltd.
...................................
India
17,974
1,931,076
Consumer
Staples
Distribution
&
Retail
1.4%
Shoprite
Holdings
Ltd.
................................
South
Africa
385,942
6,272,038
Electronic
Equipment,
Instruments
&
Components
0.7%
Elite
Material
Co.
Ltd.
................................
Taiwan
126,000
3,094,947
Entertainment
1.1%
a
Sea
Ltd.
,
ADR
......................................
Singapore
29,703
4,763,470
Financial
Services
1.3%
Meritz
Financial
Group,
Inc.
............................
South
Korea
68,680
5,551,276
Health
Care
Providers
&
Services
1.2%
Apollo
Hospitals
Enterprise
Ltd.
.........................
India
63,116
5,082,927
Hotels,
Restaurants
&
Leisure
3.0%
a
Eternal
Ltd.
........................................
India
446,756
1,244,342
Indian
Hotels
Co.
Ltd.
(The)
,
A
..........................
India
651,821
5,872,089
a
MakeMyTrip
Ltd.
....................................
India
28,974
2,944,628
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Emerging
Markets
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
a,b
Meituan
Dianping
,
B
,
144A
,
Reg
S
......................
China
178,500
$
3,087,096
13,148,155
Household
Durables
0.6%
a
Amber
Enterprises
India
Ltd.
...........................
India
35,981
2,732,203
Household
Products
0.4%
Unilever
Indonesia
Tbk.
PT
............................
Indonesia
17,678,800
1,873,282
Independent
Power
and
Renewable
Electricity
Producers
1.5%
NTPC
Ltd.
.........................................
India
1,636,330
6,392,486
Insurance
1.5%
PICC
Property
&
Casualty
Co.
Ltd.
,
H
....................
China
3,386,000
6,433,788
Interactive
Media
&
Services
8.9%
NAVER
Corp.
......................................
South
Korea
18,379
2,490,509
Tencent
Holdings
Ltd.
................................
China
574,800
36,236,918
38,727,427
IT
Services
1.7%
Tata
Consultancy
Services
Ltd.
.........................
India
184,148
7,456,096
Machinery
1.6%
a
HD
Hyundai
Heavy
Industries
Co.
Ltd.
....................
South
Korea
14,724
4,311,343
Hyundai
Rotem
Co.
Ltd.
..............................
South
Korea
24,139
2,555,037
6,866,380
Metals
&
Mining
1.8%
Anglogold
Ashanti
plc
................................
United
Kingdom
41,618
1,799,282
Zijin
Mining
Group
Co.
Ltd.
,
H
..........................
China
2,790,000
6,201,796
8,001,078
Oil,
Gas
&
Consumable
Fuels
1.9%
PetroChina
Co.
Ltd.
,
H
...............................
China
10,278,000
8,601,594
Pharmaceuticals
0.5%
Sun
Pharmaceutical
Industries
Ltd.
......................
India
121,628
2,387,786
Professional
Services
0.5%
Benefit
Systems
SA
.................................
Poland
2,463
2,028,549
Real
Estate
Management
&
Development
1.2%
Emaar
Properties
PJSC
..............................
United
Arab
Emirates
1,482,078
5,307,254
Semiconductors
&
Semiconductor
Equipment
14.2%
MediaTek,
Inc.
.....................................
Taiwan
200,000
8,211,725
SK
Hynix,
Inc.
......................................
South
Korea
44,972
6,633,870
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
1,474,889
47,040,169
61,885,764
Specialty
Retail
0.7%
JUMBO
SA
........................................
Greece
91,605
2,976,849
Technology
Hardware,
Storage
&
Peripherals
3.6%
Asia
Vital
Components
Co.
Ltd.
.........................
Taiwan
79,000
1,585,910
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
151,815
6,160,304
a,b
Xiaomi
Corp.
,
B
,
144A
,
Reg
S
..........................
China
1,231,000
7,923,961
15,670,175
Textiles,
Apparel
&
Luxury
Goods
0.7%
PRADA
SpA
.......................................
Italy
441,200
2,877,257
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Emerging
Markets
Equity
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Transportation
Infrastructure
1.5%
International
Container
Terminal
Services,
Inc.
..............
Philippines
899,800
$
6,604,824
Water
Utilities
1.1%
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
..
Brazil
236,100
4,845,427
Wireless
Telecommunication
Services
6.3%
Bharti
Airtel
Ltd.
....................................
India
442,485
9,612,748
Etihad
Etisalat
Co.
..................................
Saudi
Arabia
346,469
5,504,125
Far
EasTone
Telecommunications
Co.
Ltd.
................
Taiwan
1,455,000
4,178,120
TIM
SA
...........................................
Brazil
2,443,300
8,325,888
27,620,881
Total
Common
Stocks
(Cost
$
323,423,509
)
...................................
397,721,729
Management
Investment
Companies
6.0%
Capital
Markets
6.0%
c
iShares
Core
MSCI
Emerging
Markets
ETF
................
United
States
293,954
16,664,252
Xtrackers
Harvest
CSI
300
China
A-Shares
ETF
............
United
States
364,892
9,611,256
26,275,508
Total
Management
Investment
Companies
(Cost
$
26,933,347
)
..................
26,275,508
Preferred
Stocks
1.2%
Banks
1.2%
d
Itau
Unibanco
Holding
SA
,
10
.68
%
......................
Brazil
760,700
4,978,232
Total
Preferred
Stocks
(Cost
$
5,038,759
)
.....................................
4,978,232
Total
Long
Term
Investments
(Cost
$
355,395,615
)
.............................
428,975,469
a
Short
Term
Investments
4.9%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.3%
e,f
Putnam
Short
Term
Investment
Fund,
Class
P
,
4.555
%
.......
United
States
10,293,745
10,293,745
Total
Money
Market
Funds
(Cost
$
10,293,745
)
................................
10,293,745
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
2.6%
Money
Market
Funds
2.6%
e,f
Putnam
Cash
Collateral
Pool,
LLC
,
4.599
%
................
United
States
11,286,439
11,286,439
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
11,286,439
)
.........................................................
11,286,439
Total
Short
Term
Investments
(Cost
$
21,580,184
)
..............................
21,580,184
a
Total
Investments
(Cost
$
376,975,799
)
103.1
%
................................
$450,555,653
Other
Assets,
less
Liabilities
(
3.1
)
%
.........................................
(13,658,025)
Net
Assets
100.0%
.........................................................
$436,897,628
a
a
a
Putnam
Funds
Trust
Schedule
of
Investments
(unaudited)
Putnam
Emerging
Markets
Equity
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
See
Abbreviations
on
page
9
.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2025,
the
aggregate
value
of
these
securities
was
$15,866,520,
representing
3.6%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
May
31,
2025.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
6
Quarterly
Schedule
of
Investments
1.
Organization
Putnam
Funds
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of sixteen
separate
funds,
one
of
which is
included
in
this
report
(Fund).
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
and exchange
traded
funds listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund’s
portfolio securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
May
31,
2025,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
7
Quarterly
Schedule
of
Investments
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund for
financial
reporting
purposes.
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. Fair
Value
Measurements
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2025,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Emerging
Markets
Equity
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.555%
......
$11,916,582
$157,483,314
$(159,106,151)
$—
$—
$10,293,745
10,293,745
$439,707
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC,
4.599%
.............
$6,220,095
$170,863,756
$(165,797,412)
$—
$—
$11,286,439
11,286,439
$268,152
Total
Affiliated
Securities
...
$18,136,677
$328,347,070
$(324,903,563)
$—
$—
$21,580,184
$707,859
2. Financial
Instrument
Valuation
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
Level
1
Level
2
Level
3
Total
Putnam
Emerging
Markets
Equity
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
2,013,228
$
—
$
2,013,228
Automobiles
..........................
—
17,856,984
—
17,856,984
Banks
...............................
9,043,219
73,259,779
—
82,302,998
Broadline
Retail
.......................
6,620,773
11,257,838
—
17,878,611
Capital
Markets
........................
—
4,855,463
—
4,855,463
Communications
Equipment
..............
—
4,904,733
—
4,904,733
Construction
&
Engineering
...............
—
4,525,722
—
4,525,722
Construction
Materials
..................
—
4,251,001
—
4,251,001
Consumer
Finance
.....................
—
1,931,076
—
1,931,076
Consumer
Staples
Distribution
&
Retail
......
—
6,272,038
—
6,272,038
Electronic
Equipment,
Instruments
&
Components
........................
—
3,094,947
—
3,094,947
Entertainment
.........................
4,763,470
—
—
4,763,470
Financial
Services
......................
—
5,551,276
—
5,551,276
Health
Care
Providers
&
Services
..........
—
5,082,927
—
5,082,927
Hotels,
Restaurants
&
Leisure
.............
2,944,628
10,203,527
—
13,148,155
Household
Durables
....................
—
2,732,203
—
2,732,203
Household
Products
....................
—
1,873,282
—
1,873,282
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
6,392,486
—
6,392,486
Insurance
............................
—
6,433,788
—
6,433,788
Interactive
Media
&
Services
..............
—
38,727,427
—
38,727,427
IT
Services
...........................
—
7,456,096
—
7,456,096
Machinery
............................
—
6,866,380
—
6,866,380
Metals
&
Mining
.......................
—
8,001,078
—
8,001,078
Oil,
Gas
&
Consumable
Fuels
.............
—
8,601,594
—
8,601,594
Pharmaceuticals
.......................
—
2,387,786
—
2,387,786
Professional
Services
...................
—
2,028,549
—
2,028,549
Real
Estate
Management
&
Development
....
—
5,307,254
—
5,307,254
Semiconductors
&
Semiconductor
Equipment
.
—
61,885,764
—
61,885,764
Specialty
Retail
........................
2,976,849
—
—
2,976,849
Technology
Hardware,
Storage
&
Peripherals
.
—
15,670,175
—
15,670,175
Textiles,
Apparel
&
Luxury
Goods
..........
—
2,877,257
—
2,877,257
Transportation
Infrastructure
..............
—
6,604,824
—
6,604,824
Water
Utilities
.........................
4,845,427
—
—
4,845,427
Wireless
Telecommunication
Services
.......
13,830,013
13,790,868
—
27,620,881
Management
Investment
Companies
.........
26,275,508
—
—
26,275,508
Preferred
Stocks
.........................
4,978,232
—
—
4,978,232
Short
Term
Investments
...................
21,580,184
—
—
21,580,184
Total
Investments
in
Securities
...........
$97,858,303
$352,697,350
a
$—
$450,555,653
a
Includes
foreign
securities
valued
at
$352,697,350,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
4. Fair
Value
Measurements
(continued)
Putnam
Funds
Trust
Notes
to
Schedule
of
Investments
(unaudited)
9
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
ETF
Exchange-Traded
Fund
PJSC
Public
Joint
Stock
Company
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.